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security-based swap data repository or the Commission by a date that is not later than— ‘‘(i) 30 days after issuance of the interim final rule; or ‘‘(ii) such other period as the Commission deter- mines to be appropriate. ‘‘(B) COMMISSION RULEMAKING.—The Commission shall promulgate an interim final rule within 90 days of the date of enactment of this section providing for the reporting of each security-based swap entered into before the date of enactment as referenced in subparagraph (A). ‘‘(C) EFFECTIVE DATE.—The reporting provisions described in this section shall be effective upon the date of the enactment of this section. ‘‘(3) REPORTING OBLIGATIONS.— ‘‘(A) SECURITY-BASED SWAPS IN WHICH ONLY 1 COUNTERPARTY IS A SECURITY-BASED SWAP DEALER OR MAJOR SECURITY-BASED SWAP PARTICIPANT.—With respect to a security-based swap in which only 1 counterparty is a security-based swap dealer or major security-based swap participant, the security-based swap dealer or major security-based swap participant shall report the security- based swap as required under paragraphs (1) and (2). ‘‘(B) SECURITY-BASED SWAPS IN WHICH 1 COUNTERPARTY IS A SECURITY-BASED SWAP DEALER AND THE OTHER A MAJOR SECURITY-BASED SWAP PARTICIPANT.—With respect to a security-based swap in which 1 counterparty is a security- based swap dealer and the other a major security-based swap participant, the security-based swap dealer shall report the security-based swap as required under para- graphs (1) and (2). ‘‘(C) OTHER SECURITY-BASED SWAPS.—With respect to any other security-based swap not described in subpara- graph (A) or (B), the counterparties to the security-based swap shall select a counterparty to report the security- based swap as required under paragraphs (1) and (2). ‘‘(b) DUTIES OF CERTAIN INDIVIDUALS.—Any individual or entity that enters into a security-based swap shall meet each requirement described in subsection (c) if the individual or entity did not— ‘‘(1) clear the security-based swap in accordance with sec- tion 3C(a)(1); or ‘‘(2) have the data regarding the security-based swap accepted by a security-based swap data repository in accordance with rules (including timeframes) adopted by the Commission under this title. ‘‘(c) REQUIREMENTS.—An individual or entity described in sub- section (b) shall— ‘‘(1) upon written request from the Commission, provide reports regarding the security-based swaps held by the indi- vidual or entity to the Commission in such form and in such manner as the Commission may request; and ‘‘(2) maintain books and records pertaining to the security- based swaps held by the individual or entity in such form, in such manner, and for such period as the Commission may LAWS require, which shall be open to inspection by— ‘‘(A) any representative of the Commission; ‘‘(B) an appropriate prudential regulator;PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00424 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203